RACINBG TO GO: New investments, downtown development and entrepreneurship bolster Cabarrus County.

• Author: Blake, Kathy

Downtown Concord, the county seat of Cabarrus County, is humming with activity these days.

"The entire downtown is under construction. There isn't a block that doesn't have a renovation project, and our location is the epicenter of it," says Peter Marsh, founding partner and board member of Flywheel Foundation, which is a catalyst for much of what's happening.

The foundation opened a 20,000-square-foot co-working space called the Cabarrus Center for Innovation and Entrepreneurship in 2021 to support startups, solo entrepreneurs and remote employees wanting a collaborative office. The space is an economic-development accelerator that supports inception-stage and growth-stage startups with a support system of mentors and networking resources.

The Cabarrus Center also houses the Chamber of Commerce, the county's Economic Development Corporation and the Small Business Center linked with Rowan-Cabarrus Community College. With many rentable workspaces and meeting rooms, this creative space has enhanced business opportunities in Cabarrus as well as spurred downtown growth.

"Since [the center] opened, there have been four or Five restaurant starts, more bars, it's like night and day. And it's not done yet," Marsh says.

In February 2022, EDC executive director Page Castrodale hosted Economic Development 101 at the center. It was one of several informal, public information meetings to explain the development group's work and its availability to county residents.

"The Cabarrus EDC makes a measurable impact on individuals and families through program partnerships for local startups, support of existing businesses and recruitment of new industry," Castrodale says. "Often, people think the EDC is the man behind the curtain controlling the almighty Oz with buttons and levers. The reality is the buttons we push and the levers we pull are all about fostering collaboration in our community so that businesses of all sizes can grow and residents can have a better quality of life. Economic Development 101 is an opportunity for us to pull the curtain back and show people what we are doing for them and for the community."

Cabarrus has several components to fuel its economic development. It is a growing hub for life sciences and healthcare, with investments from name-brand companies such as Eli Lilly & Co., which is investing $1 billion at an 800,000-square-foot campus at The Grounds at Concord. New industrial and business parks are opening in Cabarrus, including an NCDOT rail logistics center.

Charlotte Motor Speedway in Concord has long been a draw for thousands of visitors as well as motorsport companies. Hendrick Motorsports recently announced it's expanding its presence with a new 55,000-square-foot advanced manufacturing facility that will cost $14.5 million to build and create 50 jobs.

Castrodale is talking with several other companies eyeing locations in Cabarrus County.

"I think the county is attractive for a number of reasons, and we see a lot of relocations to this area," she says. "But we're only as strong as the product we have to support."

LIFE SCIENCES AND HEALTHCARE GROWTH

Cabarrus County's largest financial commitment came in January 2022 when global healthcare and biopharmaceutical giant Eli Lilly announced its $1 billion investment for an 800,000-square-foot, Five-building campus at The Grounds at Concord, a 2,000-acre industrial site four miles from Interstate 85 and 30 minutes from Charlotte Douglas International Airport.

Indianapolis-based Lilly, which has large plants in the U.S. and Puerto Rico, cited the local labor force, educational resources and transportation infrastructure as...